Cineworld is looking at a company voluntary arrangement, an insolvency process used to cut costs, as part of its talks with lenders to gain access to capital, the Financial Times reported, citing three sources close to the negotiations, Reuters reported. The world’s second-largest cinema chain is also considering slashing rents and permanently closing UK cinemas after lockdown restrictions and a lack of blockbuster films caused business to collapse, the FT reported. The company last month temporarily shut its U.S.

One morning, after years of financial prudence and solid creditworthiness, you wake up and it’s all gone. You’re no longer worthy. You’re a risk. In fact, you’re sub-prime. That is the fate facing thousands of Britons who, often for no fault of their own, could begin 2021 as “subprime” borrowers if they have had more than six months’ of relief from COVID-19 debt woes, Reuters reported. This could have dire consequences for people who have historically struggled to access credit, especially those on low incomes.

Petra Diamonds on Tuesday reported a 36% fall in revenue and a net loss of $223 million (168.7 million pounds) as the pandemic hit production, sales and prices, Reuters reported. Petra, which operates three diamond mines in South Africa and one in Tanzania, kept production guidance for 2021 on hold due to ongoing uncertainty, noting the risks to production if further COVID-19 restrictions are required. CEO Richard Duffy said Petra had “unprecedented challenges” to contend with in 2020.

British fashion group Arcadia, which is controlled by retail businessman Philip Green, denied a report on Sunday it was about to go into administration but said it was taking “appropriate steps” to protect the business from the impact of the latest coronavirus lockdown, Reuters reported. Arcadia, which runs brands including Topshop, Topman, Dorothy Perkins and Burton, employs about 15,000. “It is not true that administrators are about to be appointed,” said a spokesman for Arcadia.

The UK economy expanded at its fastest pace on record in the third quarter, but output was still well below pre-pandemic levels and growth is threatened by the latest lockdown restrictions, the Financial Times reported. Britain’s gross domestic product increased 15.5 per cent in the three months to September compared with the previous three months, the quickest pace since records began in 1955, according to the Office for National Statistics. The rebound reflected the reopening of businesses, shops, restaurants and bars after the national lockdown.

The trustees of British defined benefit - or final salary - pension schemes must be ready for possible employer distress or insolvency to protect their members as COVID-19 impacts the economy, the country’s pensions watchdog said on Thursday, Reuters reported. “Trustees are the first line of defence for savers,” Mike Birch, director of supervision at The Pensions Regulator said in a statement. “The faster they act, the more options and greater time they’ll have to protect members’ retirements.

Britain's Informa Plc said on Wednesday it could become cash positive by January after completing its debt restructuring and refinancing, coupled with its cost cutting programme, as the group struggles with the coronavirus hit to the events industry, Reuters reported. The world’s largest exhibitions group had now cancelled a 750 million pound short-term credit facility and 1.1 billion pounds worth of U.S. Private Placement loan notes in the last move in a restructuring, refinancing and rescheduling of its debt that began earlier this year.

Property developer Great Portland Estates on Wednesday reported an 18% plunge in the valuation of its retail portfolio as coronavirus restrictions hit the industry, and said office take-up in central London had dropped to record lows, Reuters reported. The FTSE 250-listed company, which owns 2.6 billion pounds worth of retail and office property in central London, said it expects rents and capital values in the British capital to fall further.

Britain’s Countrywide Plc has been approached by real estate management firm Connells Ltd about a possible buyout that would value the real estate agent at around 82 million pounds ($108 million), Reuters reported. Countrywide, which vies for market share with Foxtons, has been trying to recover from a botched 2015 restructuring that led to four profit warnings and a deeply discounted share issue. Shares in the debt-laden company jumped 45% on Monday after it disclosed Connells’ potential offer of 250 pence a share, and were at 210 pence by 1000 GMT.

One of the UK oldest shoe stores, Clarks has been accused of abusing insolvency processes by launching an unviable restructuring plan, Yahoo! News reported. Landlords say that the 195-year-old shoe chain is not able to meet the conditions of the company voluntary arrangement (CVA) after the firm pays out dividends to family shareholders. It comes after, Clarks launched a CVA last week that will see most of its 320 UK stores moving to rents based on turnover — where rent is calculated on the amount of cash that goes through the tills.